WASHINGTON (dpa-AFX) - Gold futures were flat Tuesday, unable to trim May's signficant losses amid upbeat U.S. economic data.
June gold settled at $1,214.80 an ounce, up $1, or less than 0.1%. Stung by expectations of a U.S. interest rate hike, gold was down almost 6% for the month of May.
It was the first monthly loss of 2016 for the precious metal that has seen its value as an inflation hedge greatly diminished by hawkish comments from the Fedreal Reserve.
The Commerce Department said personal spending surged up by 1.0 percent in April after coming in unchanged in March. Economists had expected spending to climb by 0.7 percent.
The consumer spending increase was the strongest in over six years.
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